Multiple venture capital firms and players in the blockchain ecosystem have jointly invested $1 million in Ondefy, the Swiss startup aiming to make DeFi easily accessible to retail users. The funds will support further developments and growing the team.
By the end of 2021, there were 300 million crypto users worldwide, with most of them having their funds sitting on centralised exchanges (CEX) – this number is anticipated to grow further. The recent events in the crypto space have shown that centralisation can be biased by humans making bad decisions and having the wrong intentions. A better alternative is Decentralised Finance (DeFi), an umbrella term for peer-to-peer financial services on public blockchains, primarily Ethereum. According to Consensys, there are 4.7 million DeFi users, which is approximately a 100X less than crypto users. Liquidity on-chain is also growing faster than on CEX. DeFi is, however, very fragmented, with multiple services and not easily accessible to retail users, which limits the adoption and growth of the DeFi ecosystem.
To enable the mass adoption for DeFi, Gauthier Vila founded Ondefy in 2021. The startup offers a solution structured with two main features: the Fiat-to-any token feature, which allows easy onboarding to any token with fiat. The solution enables crypto startups to offer a simple and convenient way for their retail customers to access their tokens. The process can be completed in just three steps using a single URL, email address, and credit card. This solution is also useful for non-experienced DeFi users
The DeFi Marketplace is a simplified DeFi Meta Aggregator for retail users. For this feature, Ondefy aggregates DeFi most demanded services in one place while abstracting on-chain complexity. Users can then view the assets they bought, discover new tokens, generate yield, and swap at the best rate with our Meta DEX aggregator.
Many VCs for Ondefy
The startup has now obtained fresh funding from various Venture capital firms, including, AngelDao, Paraswap, Stacker Ventures, Caballeros Capital, White Loop Capital, Cryptoast, YellowSpoon, Tenzor Capital, Stake Capital and HyperGrowth. Several key players in the blockchain ecosystem also supported the startup. These are Julien Bouteloup, Curve core team member, founder of Stake Capital and Stake DAO, Marc Zeller, Head of Developer Relations at Aave, Owen Simonin, founder of Just Mining and famous french speaking crypto influencer, Mounir Benchemled, founder of Paraswap, Joseph Young, senior associate at Hashed, former editor at Cointelegraph, and a current senior contributor to Forbes, Jay Kurahashi-Sofue, Vice President of Marketing from Avalabs, Chandresh Aharwar, co-founder and CEO of Unilend and Marco Robustelli, CMO of Ankr Protocol.
The funding will enable Ondefy to grow our team and foster the upcoming roadmap. In addition to adding new chains to the “Fiat-to-any token” feature and improving the user experience, the startup is partnering with numerous projects to enable them to provide their community simple access to their token with fiat.
Ondefy is headquartered in Lausanne and employs six people.
(RAN)
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